Hey Small Business Owners...What are you doing to ride the storm out?

[Papachief]

I'm still waiting for Wells Fargo to start accepting apps. Can you apply at more than one bank?

[mililo4cpa]

Originally Posted by Papachief

I'm still waiting for Wells Fargo to start accepting apps. Can you apply at more than one bank?

You cannot apply more than once.

From my consultants in the field: None of the big banks are going through right now, but smaller banks are starting to process.

In a call earlier with PNC, we believe that until the big banks have clarity on the level of risk they are taking, they are going to either not accept applications or hold the ones they do get. PNC is expecting upwards of $10B in these loans, which means BoA, Chase, JPMorgan, Wells, and any other sizable bank is going to sit tight in short term. The smaller banks that have little exposure are processing....

[Buehler445]

Originally Posted by Papachief

I'm still waiting for Wells Fargo to start accepting apps. Can you apply at more than one bank?

I haven’t heard of any banks that won’t put you behind existing customers.

[blake5676]

BOA is 100% only allowing people to apply through them that meet both requirements.

1) business checking/savings account AND
2) previous lending account (loan, BOA credit card, etc)

[mililo4cpa]

Originally Posted by blake5676

BOA is 100% only allowing people to apply through them that meet both requirements.

1) business checking/savings account AND
2) previous lending account (loan, BOA credit card, etc)

That's not the issue. The issue is they are telling folks, including customers that do not have lending accounts, that the two items you listed are a requirement set by the SBA and they (BoA) are honoring the intention of the Treasury Department. This is blatantly false, and in my opinion, a huge disservice to both small businesses and their employees. The Treasury and SBA are both clear that all eligible applicants need to do is apply with an SBA lending partner.

If BoA wants to come out and say, we're only taking applications because we made a business decision to do so, then do that, but don't lie to people.

[Papachief]

Can anyone clarify in more detail which payroll taxes are to be omitted from the request?
Ive heard only Federal taxes, but Ive also heard only the employer portion is excluded.
Any help would be great.

[mililo4cpa]

Originally Posted by Papachief

Can anyone clarify in more detail which payroll taxes are to be omitted from the request?
Ive heard only Federal taxes, but Ive also heard only the employer portion is excluded.
Any help would be great.

you only include taxes that are the responsibility of the company, not those withheld from the employees

[Papachief]

Originally Posted by mililo4cpa

you only include taxes that are the responsibility of the company, not those withheld from the employees

Great.
Thanks Mililo!!
I'm new to the board and everyone has been great.
Look forward to talking with everyone

[mililo4cpa]

Originally Posted by Papachief

Great.
Thanks Mililo!!
I'm new to the board and everyone has been great.
Look forward to talking with everyone

Welcome aboard! If you learn to not take things to seriously in most of the threads, it's a really enjoyable place. I've been a long time lurker until about 6 - 8 months ago....fun group to say the least, but you have to have thick skin!

[mililo4cpa]

Originally Posted by Papachief

Great.
Thanks Mililo!!
I'm new to the board and everyone has been great.
Look forward to talking with everyone

I forgot to add employer portion of FICA as well....

[Papachief]

Originally Posted by mililo4cpa

I forgot to add employer portion of FICA as well....

Great Thanks!

[O.city]

Anyone heard anything back yet? I sent all my stuff in yesterday and they said they’re sending it all to SBA today

[mililo4cpa]

Originally Posted by O.city

Anyone heard anything back yet? I sent all my stuff in yesterday and they said they’re sending it all to SBA today

Assuming you mean PPP application:
Had many of my clients that went through smaller banks acknowledge the application is in....none of the big banks came through today...

From here, I suspect at least two weeks to fund, but that's speculative. And no prognosis at this point as to when the big banks will come through.

[mililo4cpa]

Found this out on the SBA site today....it is their "interim final rule".

Lots of good information here, but what stood out to me was on page 13....the PPP is "First Come, First Served" Apparently BoA didn't get the memo on this....

https://www.sba.gov/sites/default/fi...%20FINAL_0.pdf

[SAUTO]

They have said first come first served all along